Estate Planning

Why Everyone Needs an Estate Plan

For some, the topic of estate planning can seem grim — perhaps that is why 51% of Americans between the ages of 55 and 64 do not have an estate plan. The truth is, everyone has an estate, and that means everyone ought to have a regularly updated estate plan.

While this is most important for anyone getting ready to retire, it is still important to people of all ages because one never knows when they will become incapacitated by illness or injury. Many people underestimate just how many areas are handled by this sort of planning — from guardians for dependents and funeral plans to the transfer of business.

Remember, the word "estate" does not just refer to large homes or extensive tracts of land. It actually includes an individual's total assets minus liabilities. Without an estate plan, the court puts an appointee in place to handle your assets if you become incapacitated — and probate laws alone will define how your assets are divided at your death.

Quite simply, if you have not got the legal documentation in place, your final wishes cannot be known or adhered to.